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BP invests $20 million in ultra-fast charging battery developer StoreDot

Not all oil companies are ignoring the future reality of EV’s. Euro oil giant BP, who have already installed charging stations at retail sites across Europe, has invested $20 million USD in StoreDot who is developing a new battery technology that it believes will enable EV charging in the same time it takes to fill a gas tank.

Here is the full press release:

The number of electric vehicles (EVs) worldwide is growing rapidly and BP is working across the supply chain to support the development of the technologies and infrastructure required to support that growth. BP believes that ultra-fast charging will be key in accelerating the adoption of EVs worldwide.

StoreDot has developed a lithium ion-based battery technology which enables ultra-fast charging for the mobile and industrial markets. Using this technology, StoreDot is also developing a new type of electric-car battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car.

“Ultra-fast charging is at the heart of BP’s electrification strategy. StoreDot’s technology shows real potential for car batteries that can charge in the same time it takes to fill a gas tank,” said Tufan Erginbiglic, Chief Executive, BP downstream, said. “With our growing portfolio of charging infrastructure and technologies, we’re excited by our opportunities to develop truly innovative EV customer offers. We are committed to be the fuel provider of choice – no matter what car our customers drive.”

StoreDot’s lithium ion-based battery technology enables ultra-fast charging for the mobile and industrial markets. Using this technology, StoreDot is also developing a new type of electric-car battery that will aim to achieve a charging experience that is comparable to the time spent to refuel a traditional car, with a charging time of 5 minutes. First sales of its flash batteries for mobile devices are expected as early as 2019.

“The technology to support EVs is advancing rapidly and BP Ventures is committed to identifying and investing in companies that we believe are at the cutting edge of this industry,” said David Gilmour, Vice President, Business Development, BP Ventures. “StoreDot has shown significant progress in the development of ultra-fast charging, both in mobile phone and vehicle applications. BP looks forward to working alongside them, as an investor and strategic partner, to bring their technology from the lab to the vehicle.”

“Working closely together with a global energy business leader is a significant milestone in StoreDot’s direction of strengthening the EV ultra-fast charging eco-system. The combination of BP impressive presence and StoreDot’s eco-system of EV partnerships enables faster implementation of ultra-fast charging stations and could allow a better charging experience for EV drivers,” concludes Dr. Doron Myersdorf, Co-Founder and CEO of StoreDot.

Credit: BP & StoreDot